Shares of Karur Vysya surged over 10% on Wednesday to hit an intraday high of ₹107.80. Rekha Jhunjhunwala and Mukul Agrawal are invested in the company. Jhunjhunwala has a 4.5% stake in the company, while Agrawal owns a 1.06% stake in the company.
What Happened: Shares of the private lender have been upbeat after the company posted strong numbers for the March quarter. The bank’s net interest income – the difference between the income a bank makes from its lending activities and the interest it pays to depositors – stood at ₹893 crore, up 25.8% from the year-ago period.
The lender’s net profit surged 58.7% to ₹338 crore as against a ₹213 crore profit booked in the same quarter last year. The bank also announced a ₹2/share dividend for the year ended March 2023.
With the recent surge in stock price, backed by the bank’s strong earnings, here’s how much the banking stock added to the two ace investors’ net worth today. The value of Jhunjhunwala’s holding yesterday, when the stock closed at ₹97.65, was around ₹368.13 crore, whereas Agrawal’s stake was worth around ₹82.4 crore. Today with the surge, the value of her holding went up to ₹406 crore, whereas the value of his shares surged to ₹90.9 crore.
Price Action: Karur Vysya Bank shares were up 6.5% to trade at ₹104 in the late hours of trading on Wednesday.
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